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CEO of TNK-BP Quits

The company said that while it searches for a replacement for Fridman, it will be run by "a group of executives who hold powers of attorney related to their areas of responsibility."

BP sought to play down the importance of Fridman's resignation, saying he was not involved in day-to-day operations. Buyanov said BP has pledged to work with AAR to appoint a replacement "as soon as reasonably possible." AAR did not comment on the matter.

TNK-BP's shares on Moscow's MICEX stock exchange dipped immediately after the announcement but recovered later to hover 1.3% higher than Friday's close, in line with the market.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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